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20121220
20121220
STATION
KQED (PBS) 1
LANGUAGE
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PBS
Dec 19, 2012 4:00pm PST
internationally used benchmark used for millions and trillions of pounds of contracts in order to benefit their own trading position. >> u.b.s. traders colluded with other firms in market rigging. one u.b.s. a banker said to a broker, let me do one humongous deal. i will pay $100,000, whatever you want. i am a man of my word. the bank has been punished by switzerland, the u.k., and the u.s. >> make no mistake. for u.b.s. traders, the manipulation of libor is about getting rich. as one broker told a derivatives trader, you are getting bloody good at this game. think of me when you are on your yacht in monaco, won't you? >> it is a 1 billion pound fine too much or too little or about right? >> it is not about the fine. what we have got to see is criminal sanctions. the money is tax deductible. certainly the government is amending to make sure if the money goes to good causes and not back to the regulator, but it has to be about sanctions. >> it was so systematic it is now impossible to have confidence in any of the main libor prices over the next few years. libor rates underpinned trillions
Search Results 0 to 0 of about 1